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A person purchased a $230,253 home 10 years ago by paying 20% down and signing a 30 -year mortgage at 10.5% compounded monthly. Interest rates

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A person purchased a $230,253 home 10 years ago by paying 20% down and signing a 30 -year mortgage at 10.5% compounded monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new 20 -year mortgage at 6.3% compounded monthly. How much interest will refinancing save? Money Saved: : (Round to the nearest cent as needed.)

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